LVMH Moet Hennessy Louis Vuitton through the entity Breakfast Holdings Acquisition Corp. acquired Tiffany & Co. New York City real estate assets for a combined value of $447.3 million for its flagship at 727 Fifth Avenue and leases including at Atlas Capital Group’s 47-07 30th Place in Long Island City and other locations including 49 West 23rd Street, 37 Wall Street, 1097 Broadway, 610 Fifth Avenue, and others in New York City. The deal closed on January 7, 2021 and was recorded on February 2, 2021. The transaction consists of 10 parcels.
This is the sale of Tiffany & Co. to luxury goods retailer LVMH in a deal that was first announced in 2019 with a value of $16.2 billion, then described as scrapped last year and finally completed in January. The parties paid $11.7 million in transfer taxes to the city as part of the sale. The transfer includes Tiffany’s flagship at 727 Fifth Avenue at 57th Street as well as leases it has around the city. The flagship is undergoing a renovation.
Over the past five years, there have been 117 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 117 renovation/alteration projects (A2) applied for with a total estimated value of $21,154,535.
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